Cineworld announces a blockbuster year in 2016 as consumers look for entertainment in spite of weak pound

I am a journalist for City A.M. reporting on the energy and mining sectors. I also keep an eye on the pharmaceuticals sector and cryptocurrencies. Email: courtney.goldsmith@cityam.com

Follow Courtney

The recent Star Wars film helped Cineworld celebrate a record-breaking year (Source: Getty)

Courtney Goldsmith

The force was with Cineworld this year as top-performing films like Star Wars: Rogue One and Fantastic Beasts and Where to Find Them boosted admissions to break the 100m milestone.

The cinema operator reported revenue growth of 8.3 per cent on a constant currency basis and said it is in line with current market expectations.

Retail sales boomed, increasing 12.7 per cent against the same period the previous year, as consumers increasingly buy tickets online and have more time to spend in concessions, newly appointed chief financial officer Nisan Cohen said.

There is little correlation between the state of the economy and admission sales, Cohen said. "Cinemas are affordable entertainment," he said, unlike decisions to buy a new house, car or go on holiday.

Strong performance is more to do with a solid film lineup.

Other top-performing films in the year to 31 December 2016 included Bridget Jones's Baby, The Jungle Book, The Secret Life of Pets and Zootropolis.

The group currently operates 226 sites with 2,115 screens. Over the course of 2016, eight sites were added, building on a record number of 18 openings in 2015. This year, 13 new sites are set to open – six in the UK and seven in the rest of the world.